Sumitomo earnings drop 39% but 2019 forecast unchanged

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KOBE, Japan — Sumitomo Rubber Industries Ltd. posted a 39.2% drop in operating profits for the half-year ended June 30 on 0.9% lower sales revenue.

SRI cited the negative impact of foreign exchange rates, increased fixed costs and expenses, and higher prices of raw materials — particularly petroleum-based ones — for the earnings decline.

Operating income fell to $149.6 million on revenue of $3.9 billion, SRI said, resulting in an operating ratio of 3.8%, down from 6.3% a year ago.

Read the source article at Tire Business